SALT LAKE CITY--(BUSINESS WIRE)--Kelvyn Cullimore, President and CEO of BioUtah, issued the following statement after the introduction of the Protect Medical Innovation Act, bipartisan legislation introduced by Senators Pat Toomey (R-PA) and Amy Klobuchar (D-MN), to permanently repeal the medical device tax.
“BioUtah and its Utah-based members of the life sciences industry applaud the bipartisan introduction of the Protect Medical Innovation Act to fully repeal the 2.3% excise tax on medical device sales first enacted as part of the Affordable Care Act,” said Kelvyn Cullimore, President and CEO of BioUtah. “We’re very pleased that Senator Mitt Romney has cosponsored the legislation and is adding his voice to supporting much-needed repeal.
“With the current moratorium expiring at the end of this year, now is the time for Congress to end this misguided tax once and for all. Medical device companies need the certainty of permanent repeal to make long-term investments in research and development that will propel the next generation of life-changing medical technology.
“The medical device sector, when combined with other life science sectors such as pharmaceuticals, diagnostic and biotech, account for a significant segment of Utah’s diverse and growing life sciences industry, which, overall, supports 130,000 jobs and creates $13 billion in state GDP. The device tax is ultimately a punitive tax on innovation and growth, which has real consequences for patients and jobs.”
About BioUtah
BioUtah is an independent 501(c)(6) trade association serving Utah’s life sciences industry. Its member companies reflect a broad spectrum of the industry with strengths in medical device manufacturing and services, research and testing, biotechnology, pharmaceuticals, diagnostics and healthcare IT, amongst others; and are a key driver of Utah’s economy. Together we create an ecosystem that fosters collaboration, promotes innovation, and accelerates healthcare advances. BioUtah is committed to growing Utah into a global leader in the life sciences sector.
